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July 25 (Bloomberg) -- House Speaker John Boehner said his two-step plan to raise the U.S. debt ceiling and cut and cap discretionary spending is a “responsible, common-sense proposal that meets our oblgations to the American people and preserves the full faith and credit” of the U.S.
The Republican plan would allow a debt-limit increase of $1 trillion, to be followed later by about $1.6 trillion, while larger spending cuts would be required.
“This plan is far from perfect, but it adheres to our principles of ensuring that spending cuts are greater than any debt hike and it includes no tax increases,” Boehner, an Ohio Republican, said in a statement.
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